New Korean rule makes crypto exchanges liable for theft

New Korean law makes crypto exchanges liable for theft

Image: Trijo News / Shutterstock

Teodor Stig-Matz

teodor.matz@trijo.co

North Korean hacker attacks are said to be the reason.

Today, South Korea’s financial supervisory authority, the Fair Trade Commission, implemented a new rule that makes crypto exchanges responsible for losses in, for example, theft or hacker attacks.

Five Korean crypto exchanges, including Bithumb, have already updated their terms of service to match the new rule, the Korean Herald reports.

The decision comes after a series of attacks on the Korean crypto exchanges – where Bithumb has been hit particularly hard. The crypto exchange lost over $30 million in a single heist last year.

North Korea behind the attacks

According to several reports, the attacks come from North Korea, although internal heists are also said to be part of the problem.

Previously, the major Korean crypto exchanges’ terms of use have stated that the companies are not liable for losses that are beyond their control, but now they have changed their terms to also include losses that occur in connection with hacker attacks, according to the Korean Herald.

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